STX Technical Analysis: Trendline Breakout Ready To Jump 50%

Key technical points:

Past Performance of STX

STX prices have been steadily declining due to an extremely bearish resistance trendline in the daily chart. The bearish fall in price pushed the altcoin towards a low of $0.30 and accounted for a 77% decline in value since April. But, following a rounding bottom reversal from the $0.30 mark and a 20%, crack the resistance trendline.

Source- Tradingview

STX Technical Analysis 

STX price action shows a higher price rejection in the breakout candle reflecting a high supply inflow above the trendline. Hence, traders eagerly waiting for a bull run must wait for a price action confirmation. The bullish reversal cracks above the 10-DMA but shows higher price rejection from the 20-DMA questioning the uptrend sustenance.

The RSI slope shows a gradual rise in the underlying bullishness as it surpasses the 14-day SMA and approaches the halfway line. Moreover, the bullish divergence in the consolidation at $0.33 increases the likelihood of an uptrend above $0.50. The MACD and signal lines display a reversal to regain the bullish alignment as the falling trend in the negative histograms teases a positive trend. Hence, the rise of new positive histograms will mark a buying signal. In a nutshell, the technical indicators are on the verge of giving a buy signal for the STX token, in response to the market price struggling to sustain above the trendline.

Upcoming Trend

If the buying pressure continues, STX prices will continue to soar, and traders can expect the rally to surpass the psychological mark of $0.50.  In such a case, the bullish trend will reach the next overhead resistance at $0.65.

Resistance Levels: $0.50 and $0.65

Support Levels: $0.23 and $0.33